The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-05-07
cHARLEsrows COTTON MILL.
An Advance IN the Price Of stock War
on the Gas MonopolY.

I An Advance In the Price Of Btock War
on the Gas Monopoly.
CHARLESTON, May G.-The cotton mil
I war. Of which mention has been mndein this
| correspondence came ~ an end on Thursday
when tho meeting Of the stockholders was
bcld Tho "bolters," os they were
under by u vote Of g.Og o.
.0iB shares and the old board Of directors
reelected Tho report Of tho President
shows thnt Tho mill, for the first time since
IT, construction, mnIo u profit last year Of
al $40 60, winch, added ~ the losses By the
earthquake The President snys, would show
n profit u over s2l 600 on the mhnufnctur.
Ing results If the ycnr. just previous 10 the
meeting there wnan slight furry In tho stock
markot, aud the stock Of the mill, which had
been drug on the market at SIS, went up
81 on A.
THE HARDSHIP.
The great hardship about this cotton mill
business, however Is that n considerable
portion Of the stock b. held by poor persons,
who we're induced ~ invest their scant
means IN the stock undcr the impression
that II would pay Before the mill was
fnirly started II wns decided 10 bond ~ for
s95O0OO 10 per cont. Of its capital stock
The wealthy stockholders, Of course, pos.
scHsed The mems Of protecting themselves
by taking up tho bonds Is per cent?, but
tho hundreds of poor stockholders did
not have the means of nvailng
themselves of this protection, and
Of course went 90 the wall. Some Of thom
had tho good fortune 90 soil out before the
stock got below 80, and thus escaped with
tho lois Of about half their Investment
Others, however, held out in the win hope
of something turning up and today there
are many widows and orphans in the city In
absolutely destitute circumstances who are
stockholders in GitO0OO mill For tho
sake of these II N 10 he hoped that the affairs
of the mill have reached the cbb md That
the food tide of prosperity has now set In,
THE GAS MONOPOLY
Charleston has been ngitnted Off and on
for tho last dozen ycnrs by m electro gns
war The geH monopoly in this city Is n
crying evil Tho people nro subject to the
arbitrary rntoE of the ono gas company, and
have no means of redrcvsuR themselves. IL
Is true that the price of gus has been grad
ually reduced from - 20 80 within the last
twenty yrnlE, but consumers of gas the
world uVpr, especially IN cities where there
r. no opposition gus company, need not be
told that the reduction IN tho price of gaa
invariably means MI increase in their
monthly RHs bills Two or thrco efforts
have boon made 60 organize now
seems To have firm hold on tho city
lathera An electric light company was
started several yhnrs ago, nt the hund of
which w,s the Chairman of the Ways and
Means Committee of the City Council For
one year the company secured the contract
FOR lighting the upper wards of the city, but
this IL accus wAa n trap laid 10y the gus
mouopolsts. II created heart burnings aud
irnloidcs and az the end Of tho yenr the
LOO.
pnny, gave tho coup do cuWr to the new
enterprise and thcelectric company expired,
sinking about SEQ 900 OF Charleston capital,
LITTLE NEW iirr.
Chinese walls, however cannot last
always when they are built in tho nine
toCuth century, aud ovCn when they are
backed up by u gaS monopoly. Tho earth
quake seems 60 have shaken some OF the
old fogy notions out of Charleston and to
have developed u new spirit of enterprise,
which viii in time, IL is hoped, build mp the
city, II shook into existence new electric
light company, which did not ask aid from
the city aud which has now been IN success
ful operation Cor nearly year. The gas
| octopus looked on while tho now company
waa putting up its polls and stringing IL
| wiroS and made no sign, But
when the lights werc turned on
and the new company seemed 90 hc making
| progrCss, the octopus at length began e.
move It's first movement was an attack IN
the rear IN the shape of petition 10 council
| 90 be allowed 60 ciS,ct electric light poles IN
the streets THIS was granted Thou tn,
| now Electric Light Company, which secur
| TO hc shrcwtlly managed, put in petition
| to hc allowed to place gas mains IN Ia,
| street This petition is still before council
and viii I've acted upon at tho next meeting
| u is difficult 60 sec how II can he consistent
| " p'0lSei, but il probably win I've Tn,
victims of the octopus in the moantimo pa
! tlrntly await the result of the fight.